IFM09630 | Ceasing to be RIF: Requirement to notify HMRC of a breach of qualifying conditions

Where a RIF operator breaches one or more of the qualifying conditions in the section 20(1) F(No2)A 2024 (IFM09610) or the Regulations (IFM09520), the operator of the RIF must notify HMRC in accordance with Regulation 21, which sets out the relevant time limits and required details.

A RIF operator failing to comply with the notification requirements in Regulation 21 within the prescribed time limit may be liable to a penalty (IFM09770).